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Envy Asset Management liquidators allowed to claw back S$2 3 million from Chuan Hup s unit, Energy & Commodities
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Euromoney The playboy trader, the nickel scheme and Singapore s banks
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The Straits Times
Envy nickel trading boss alarmed some banks in Singapore long before his arrest
Ng Yu Zhi allegedly misappropriated at least $201 million from Envy Global Trading s account at DBS.PHOTOS: REUTERS, KELVIN CHNG
Published7 hours ago
https://str.sg/3Jfy
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Trading Wunderkind s Alleged $740 Million Fraud Jolts Singapore
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Suhaimi Abdullah/Getty Images
A Singapore trader has been charged with four counts of fraud for allegedly raising at least $1 billion from investors for commodity trades that didn t exist (file photo).
At 33, Ng Yu Zhi had all the trappings of a wildly successful trader: a Rolodex full of rich clients, a three-storey villa in a posh Singapore neighbourhood and a Pagani Huayra supercar reportedly worth more than $5 million. Local prosecutors allege Ng also had a dark secret: his lavish lifestyle, they say, was built on lies. In a case that has riveted Singapore s moneyed classes, Ng was charged last month with four counts of fraud for allegedly raising at least $1 billion from investors for commodity trades that didn t exist.